Countrywide May Still Turn a Profit, Although Modest
October 31, 2007
Countrywide Financial Corp.’s stock price rebounded sharply from its recent lows as the mortgage lender said it will eke out a modest profit in the current quarter after recording a $1.2 billion loss for the third period. Shares of the nation’s largest home lender by volume jumped $4.23, or 32%, to $17.30 in 4 p.m. composite trading on the New York Stock Exchange on Friday. But the stock is still down 59% this year, and investors face a white-knuckle ride as Countrywide struggles with rising defaults, plunging loan volumes and falling home prices, which reduce the value of collateral.Read More
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